International law firm Bird & Bird is advising Innovata plc on a recommended all share takeover offer by AIM listed Vectura Group plc. The deal, which is to be effected by way of a scheme of arrangement under section 425 of the Companies Act, values Innovata at approximately £131 million and will create one of the UK's leading pulmonary product development companies. On completion, the enlarged company is likely to have a market capitalisation of around £280 million.
Innovata plc is a fully listed pharmaceutical devices company with a focus on the pulmonary market while Vectura Group plc is another emerging pharmaceutical development company.
A team of corporate Bird & Bird lawyers has been advising Innovata plc. Partner Simon Allport has been leading the transaction supported by corporate assistants, Matilda Smart and Michael Sweeney. Other team members include tax partner, Mathew Oliver, employment assistant, Alison Dixon and employee incentives & benefits partner Guy Abbiss who is advising on share options.
Simon Allport has advised Innovata plc on a number of transactions in recent years, including its £46 million acquisition of Quadrant Technologies Limited in June 2005.
Vectura is being advised by Olswang (Simon Morgan).
The transaction was announced on 17 November and is expected to close in mid January.
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